Here's something you might be interested in.
According to this morning's (Aug. 31) Los Angeles Times, the University of California retirement system faces a shortfall of more than $20 billion, as revealed in a report released Monday. The report proposed changes such as boosting contributions made by the university system and employees, raising the minimum retirement age for new hires and reducing some benefits, said the Times. "Much of the problem with the retirement fund stems from a decision 20 years ago when UC and its employees stopped paying into the retirement system because it was believed to be overfunded," said the Times. That goes to show that everybody gets giddy in a bull market -- even scholars.
According to this morning's (Aug. 31) Los Angeles Times, the University of California retirement system faces a shortfall of more than $20 billion, as revealed in a report released Monday. The report proposed changes such as boosting contributions made by the university system and employees, raising the minimum retirement age for new hires and reducing some benefits, said the Times. "Much of the problem with the retirement fund stems from a decision 20 years ago when UC and its employees stopped paying into the retirement system because it was believed to be overfunded," said the Times. That goes to show that everybody gets giddy in a bull market -- even scholars.